Inflation imposes a cost on society by directly decreasing average real income in the economy

GNP equals GDP

A) minus net receipts of factor income from the rest of the world. B) plus receipts of factor income from the rest of the world. C) minus receipts of factor income from the rest of the world. D) plus net receipts of factor income from the rest of the world. E) minus depreciation.

If the growth rate of resources is zero and real output is growing at 4 percent, then _____

a. the stock of capital has fallen by 4 percent b. economic growth has fallen by 4 percent c. total factor productivity has risen by 4 percent d. the stock of labor has fallen by 4 percent e. the percentage share of real GDP received by capital has fallen by 4 percent